Glen Ford: With a 50% graduation rate and heavily in-debt students, the government needs to establish a federal agency to regulate this newest Wall Street connected scam

published:14 Jul 2014

views:3761

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
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published:01 Oct 2015

views:58129

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
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published:20 Sep 2016

views:24740

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
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published:03 May 2014

views:208085

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotlights a startup in the Netherlands that's trying one answer.
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Wall Street

Wall Street is a 0.7-mile-long (1.1km) street running eight blocks, roughly northwest to southeast, from Broadway to South Street on the East River in the Financial District of Lower Manhattan, New York City. Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial sector (even if financial firms are not physically located there), or signifying New York-based financial interests.

History

Early years

There are varying accounts about how the Dutch-named "de Waal Straat" got its name. A generally accepted version is that the name of the street was derived from an earthen wall on the northern boundary of the New Amsterdam settlement, perhaps to protect against English colonial encroachment or incursions by Native Americans. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal. Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families. The Dutch word "wal" can be translated as "rampart". However, even some English maps show the name as Waal Straat, and not as Wal Straat.

History

Beginnings

The first products of Dow Jones & Company, the publisher of the Journal were brief news bulletins hand-delivered throughout the day to traders at the stock exchange in the early 1880s. They were later aggregated in a printed daily summary called the Customers' Afternoon Letter. Reporters Charles Dow, Edward Jones, and Charles Bergstresser converted this into The Wall Street Journal, which was published for the first time on July 8, 1889, and began delivery of the Dow Jones News Service via telegraph. In 1896, The "Dow Jones Industrial Average" was officially launched. It was the first of several indices of stock and bond prices on the New York Stock Exchange. In 1899, the Journal's Review & Outlook column, which still runs today, appeared for the first time, initially written by Charles Dow.

Industry

Industry is the production of goods or services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This occurred through many successive rapid advances in technology, such as the production of steel and coal.

Following the Industrial Revolution, possibly a third of the world's economic output is derived that is from manufacturing industries. Many developed countries and many developing/semi-developed countries (People's Republic of China, India etc.) depend significantly on manufacturing industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence.

Glen Ford: With a 50% graduation rate and heavily in-debt students, the government needs to establish a federal agency to regulate this newest Wall Street connected scam

4:56

Startups Shake Up Mattress Industry

Startups Shake Up Mattress Industry

Startups Shake Up Mattress Industry

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnet...
More from the Wall Street Journal:
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2:41

Automating the Grocery Warehouse

Automating the Grocery Warehouse

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
Subscribe to the WSJ channel here:
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2:30

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnetwork
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
Follow WSJ on Facebook:
http://www.facebook.com/wsjlive
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
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Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

Can Blendle App Save the Print News Industry?

It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotlights a startup in the Netherlands that's trying one answer.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnetwork
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
Follow WSJ on Facebook:
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Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

5:05

Australia's Pearl Industry Struggles to Shine

Australia's Pearl Industry Struggles to Shine

Australia's Pearl Industry Struggles to Shine

Australia is the last place on earth where pearls are cultured in wild oysters. But South Sea pearl farmers are struggling to keep their luxury industry alive, as China swamps world markets with cheaply produced freshwater pearls. Photo/Video: Paolo Bosonin
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Glen Ford: With a 50% graduation rate and heavily in-debt students, the government needs to establish a federal agency to regulate this newest Wall Street connected scam

published: 14 Jul 2014

Startups Shake Up Mattress Industry

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnet...
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
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published: 01 Oct 2015

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
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published: 20 Sep 2016

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
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The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent commu...

Can Blendle App Save the Print News Industry?

It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotlights a startup in the Netherlands that's trying one answer.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnetwork
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
Follow WSJ on Facebook:
http://www.facebook.com/wsjlive
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
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Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

published: 07 May 2014

Australia's Pearl Industry Struggles to Shine

Australia is the last place on earth where pearls are cultured in wild oysters. But South Sea pearl farmers are struggling to keep their luxury industry alive, as China swamps world markets with cheaply produced freshwater pearls. Photo/Video: Paolo Bosonin
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BANKS, WALL STREET, & THE HOUSING INDUSTRY

Has Mobile Consumption Changed The News Industry?

Nearly 1 in 10 U.S. Adults now get their news on Twitter, according to a new survey from Pew Research Centers, with 85% of those consuming it on a mobile device. The WSJ explores how news organizations can address this change in consumption.
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With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
Subscribe to the WSJ channel here:
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With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnet...
More from the Wall Street Journal:
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Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-str

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by hum...

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
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Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
Subscribe to the WSJ channel here:
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Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what colle...

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
Subscribe to the WSJ channel here:
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Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
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More from the Wall Street Journal:
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Follow WSJ on Google+: https://plus.google.com/+wsj/posts
Follow WSJ on Twitter: https://twitter.com/WSJLive
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The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-...

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

Can Blendle App Save the Print News Industry?

It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotligh...

It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotlights a startup in the Netherlands that's trying one answer.
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It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotlights a startup in the Netherlands that's trying one answer.
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Australia's Pearl Industry Struggles to Shine

Australia is the last place on earth where pearls are cultured in wild oysters. But South Sea pearl farmers are struggling to keep their luxury industry alive, ...

Australia is the last place on earth where pearls are cultured in wild oysters. But South Sea pearl farmers are struggling to keep their luxury industry alive, as China swamps world markets with cheaply produced freshwater pearls. Photo/Video: Paolo Bosonin
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Australia is the last place on earth where pearls are cultured in wild oysters. But South Sea pearl farmers are struggling to keep their luxury industry alive, as China swamps world markets with cheaply produced freshwater pearls. Photo/Video: Paolo Bosonin
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Has Mobile Consumption Changed The News Industry?

Nearly 1 in 10 U.S. Adults now get their news on Twitter, according to a new survey from Pew Research Centers, with 85% of those consuming it on a mobile device...

Nearly 1 in 10 U.S. Adults now get their news on Twitter, according to a new survey from Pew Research Centers, with 85% of those consuming it on a mobile device. The WSJ explores how news organizations can address this change in consumption.
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Nearly 1 in 10 U.S. Adults now get their news on Twitter, according to a new survey from Pew Research Centers, with 85% of those consuming it on a mobile device. The WSJ explores how news organizations can address this change in consumption.
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50 THINGS TO DO IN NEW YORK CITY | Top Attractions Travel Guide

Our recent week inNew York City was an action-packed one. We decided to set ourselves a challenge to see and do as much as we possibly could, and that gave way to this travel video guide which highlights 50 of the top attractions. In a city like New York this means we barely scratched the surface, but hopefully this video will highlight the cornucopia of possibilities that is the Big Apple.
GEAR WE USEOlympus OM-D E-M5 II: http://amzn.to/1OchS7t
Canon G7X: http://amzn.to/1YdjsYX
Olympus 14-150mm II Lens: http://amzn.to/1Y79zeM
Rode Video Mic GO: http://amzn.to/1WDKtVM
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published: 24 Jul 2014

Walking around the financial district of WALL STREET, NEW YORK CITY, USA

Dubrovnik Vacation Travel Guide | Expedia

https://www.expedia.com/Dubrovnik-Southern-Dalmatia.d6050111.Destination-Travel-Guides
The Croatian city of Dubrovnik is one of Europe’s most enduring treasures. Cross the medieval bridge and enter the Old Town through PileGate, then climb the ramparts for a history lesson like no other.
It takes an hour or two to walk the Old Town’s ramparts. At FortBokar, take in the views to Fort Lawrence, then follow the sea wall to St John’s Fort, which once protected the City Harbor from enemy ships. Explore Fort Revelin, which offers even more commanding views of the harbor, then continue on to the highest point in the city’s defenses, Fort Minceta.
Once you’ve arrived back at Pile Gate, descend into the streets of the Old Town. The town is divided in two by the Stradun, a street marked at ea...

published: 15 May 2017

International Travel Has Changed: What You Need to Know

The biggest travel bargains this summer are abroad, but if you're planning on taking advantage of the strong dollar and discounted air fares, there are some things you need to know. WSJ's Tanya Rivero and Scott McCartney break down the most important travel changes of which you should be aware. Photo: iStock
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Visit New York City Guide

New York City! We've traveled abroad to many far off corners of the world; however, we've yet to find a city that quite lives up to the Big Apple. Join as we share our New York City travel experiences in the form of a top 50 things to do in the city guide where we cover top attractions along with extended footage in the form of vlogs where we visit places we didn't cover the first time around. From the High Line to Brooklyn Bridge and Smorgasburg to Governors Island our guide offers a bit of something for everyone.
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...

New York City (New York) Vacation Travel Video Guide

Vacation travel video about destination New York City in New York.
New York continues to be one of the world’s most famous cities, a true world metropolis and m...

Vacation travel video about destination New York City in New York.
New York continues to be one of the world’s most famous cities, a true world metropolis and major symbol of the American Dream. Manhattan Island is the city’s most well known district and the Rockefeller Center in Midtown is often referred to as the heart of the New York. Nearby the Roman CatholicSaint Patrick´s Cathedral is the largest and most magnificent church in the United States. The GrandCentral Terminal divides Park Avenue and is a huge station with which the railroad kings, the Venderbilts, left an indelible mark. The huge hall, with its magnificent vaulted ceiling in Beaux Arts style, has been the city’s central railway station for twelve lines since 1913. The confines of Chinatown are inhabited by a hundred and fifty thousand Chinese from China, Taiwan and Hong Kong, most of whom are unable to speak a word of English. Chinese characters wherever one looks and restaurants and Asian stores on every street corner. The famous Wall Street was named after a wall which in the early days protected the growing city against attack by Native American Indians. However, the roots of its subsequent claim to fame were laid in 1792. The young state desperately needed investment and therefore the powers that be decided to issue bonds. Close by, on a small island, is New York’s most famous landmark, the Statue Of Liberty. The head of Lady Liberty leads to the crown from which there are stunning views from several windows. New York City is most certainly unique. A city that’s very much alive and kicking, self-confident and always a surprise!
--------------
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Please: respect each other in the comments.
Expoza Travel is taking you on a journey to the earth's most beautiful and fascinating places. Get inspiration and essentials with our travel guide videos and documentaries for your next trip, holiday, vacation or simply enjoy and get tips about all the beauty in the world...
It is yours to discover!

Vacation travel video about destination New York City in New York.
New York continues to be one of the world’s most famous cities, a true world metropolis and major symbol of the American Dream. Manhattan Island is the city’s most well known district and the Rockefeller Center in Midtown is often referred to as the heart of the New York. Nearby the Roman CatholicSaint Patrick´s Cathedral is the largest and most magnificent church in the United States. The GrandCentral Terminal divides Park Avenue and is a huge station with which the railroad kings, the Venderbilts, left an indelible mark. The huge hall, with its magnificent vaulted ceiling in Beaux Arts style, has been the city’s central railway station for twelve lines since 1913. The confines of Chinatown are inhabited by a hundred and fifty thousand Chinese from China, Taiwan and Hong Kong, most of whom are unable to speak a word of English. Chinese characters wherever one looks and restaurants and Asian stores on every street corner. The famous Wall Street was named after a wall which in the early days protected the growing city against attack by Native American Indians. However, the roots of its subsequent claim to fame were laid in 1792. The young state desperately needed investment and therefore the powers that be decided to issue bonds. Close by, on a small island, is New York’s most famous landmark, the Statue Of Liberty. The head of Lady Liberty leads to the crown from which there are stunning views from several windows. New York City is most certainly unique. A city that’s very much alive and kicking, self-confident and always a surprise!
--------------
Watch more travel videos ► http://goo.gl/HYQdhg
Join us. Subscribe now! ► http://goo.gl/QHWi2p
Be our fan on Facebook ► http://goo.gl/0xmbQk
Follow us on Twitter ► http://goo.gl/334ln5
--------------
Thanks for all your support, rating the video and leaving a comment is always appreciated!
Please: respect each other in the comments.
Expoza Travel is taking you on a journey to the earth's most beautiful and fascinating places. Get inspiration and essentials with our travel guide videos and documentaries for your next trip, holiday, vacation or simply enjoy and get tips about all the beauty in the world...
It is yours to discover!

Dubrovnik Vacation Travel Guide | Expedia

https://www.expedia.com/Dubrovnik-Southern-Dalmatia.d6050111.Destination-Travel-Guides
The Croatian city of Dubrovnik is one of Europe’s most enduring treasure...

https://www.expedia.com/Dubrovnik-Southern-Dalmatia.d6050111.Destination-Travel-Guides
The Croatian city of Dubrovnik is one of Europe’s most enduring treasures. Cross the medieval bridge and enter the Old Town through PileGate, then climb the ramparts for a history lesson like no other.
It takes an hour or two to walk the Old Town’s ramparts. At FortBokar, take in the views to Fort Lawrence, then follow the sea wall to St John’s Fort, which once protected the City Harbor from enemy ships. Explore Fort Revelin, which offers even more commanding views of the harbor, then continue on to the highest point in the city’s defenses, Fort Minceta.
Once you’ve arrived back at Pile Gate, descend into the streets of the Old Town. The town is divided in two by the Stradun, a street marked at each end by a bell tower and a fountain. Refresh yourself at Onofrio’s Fountain, then pay your respects at Saviour Church. Next door at the Franciscan Monastery, order an elixir from one of the world’s oldest functioning pharmacies.
At the Stradun’s eastern end, is Luza Square, where you’ll find treasures such Sponza Palace and Saint BlaiseChurch. After refilling your water bottle at the Small Onofrio’s Fountain, explore even more of the city’s sacred places, such as the Dominican Monastery and Dubrovnik Cathedral.
There’s also plenty to explore beyond the Old Town’s walls, such as Banje Beach, and Gruz harbor, where gigantic cruise ships have replaced the little trading vessels of old.

https://www.expedia.com/Dubrovnik-Southern-Dalmatia.d6050111.Destination-Travel-Guides
The Croatian city of Dubrovnik is one of Europe’s most enduring treasures. Cross the medieval bridge and enter the Old Town through PileGate, then climb the ramparts for a history lesson like no other.
It takes an hour or two to walk the Old Town’s ramparts. At FortBokar, take in the views to Fort Lawrence, then follow the sea wall to St John’s Fort, which once protected the City Harbor from enemy ships. Explore Fort Revelin, which offers even more commanding views of the harbor, then continue on to the highest point in the city’s defenses, Fort Minceta.
Once you’ve arrived back at Pile Gate, descend into the streets of the Old Town. The town is divided in two by the Stradun, a street marked at each end by a bell tower and a fountain. Refresh yourself at Onofrio’s Fountain, then pay your respects at Saviour Church. Next door at the Franciscan Monastery, order an elixir from one of the world’s oldest functioning pharmacies.
At the Stradun’s eastern end, is Luza Square, where you’ll find treasures such Sponza Palace and Saint BlaiseChurch. After refilling your water bottle at the Small Onofrio’s Fountain, explore even more of the city’s sacred places, such as the Dominican Monastery and Dubrovnik Cathedral.
There’s also plenty to explore beyond the Old Town’s walls, such as Banje Beach, and Gruz harbor, where gigantic cruise ships have replaced the little trading vessels of old.

International Travel Has Changed: What You Need to Know

The biggest travel bargains this summer are abroad, but if you're planning on taking advantage of the strong dollar and discounted air fares, there are some thi...

The biggest travel bargains this summer are abroad, but if you're planning on taking advantage of the strong dollar and discounted air fares, there are some things you need to know. WSJ's Tanya Rivero and Scott McCartney break down the most important travel changes of which you should be aware. Photo: iStock
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The biggest travel bargains this summer are abroad, but if you're planning on taking advantage of the strong dollar and discounted air fares, there are some things you need to know. WSJ's Tanya Rivero and Scott McCartney break down the most important travel changes of which you should be aware. Photo: iStock
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Glen Ford: With a 50% graduation rate and heavily in-debt students, the government needs to establish a federal agency to regulate this newest Wall Street connected scam

published: 14 Jul 2014

Startups Shake Up Mattress Industry

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
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published: 01 Oct 2015

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
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published: 20 Sep 2016

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
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The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent commu...

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
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More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
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Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-str

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnet...
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
Follow WSJ on Facebook:
http://www.facebook.com/wsjlive
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
Follow WSJ on Twitter: https://twitter.com/WSJLive
Follow WSJ on Instagram: http://instagram.com/wsj
Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-str

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by hum...

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
More from the Wall Street Journal:
VisitWSJ.com: http://www.wsj.com
Follow WSJ on Facebook: http://www.facebook.com/wsjvideo
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
Follow WSJ on Twitter: https://twitter.com/WSJvideo
Follow WSJ on Instagram: http://instagram.com/wsj
Follow WSJ on Pinterest: http://www.pinterest.com/wsj/

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
More from the Wall Street Journal:
VisitWSJ.com: http://www.wsj.com
Follow WSJ on Facebook: http://www.facebook.com/wsjvideo
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
Follow WSJ on Twitter: https://twitter.com/WSJvideo
Follow WSJ on Instagram: http://instagram.com/wsj
Follow WSJ on Pinterest: http://www.pinterest.com/wsj/

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what colle...

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnetwork
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
Follow WSJ on Facebook:
http://www.facebook.com/wsjlive
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
Follow WSJ on Twitter: https://twitter.com/WSJLive
Follow WSJ on Instagram: http://instagram.com/wsj
Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
Subscribe to the WSJ channel here:
http://bit.ly/14Q81Xy
Visit the WSJ channel for more video:
https://www.youtube.com/wsjdigitalnetwork
More from the Wall Street Journal:
Visit WSJ.com: http://online.wsj.com/home-page
Follow WSJ on Facebook:
http://www.facebook.com/wsjlive
Follow WSJ on Google+: https://plus.google.com/+wsj/posts
Follow WSJ on Twitter: https://twitter.com/WSJLive
Follow WSJ on Instagram: http://instagram.com/wsj
Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-...

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent commu...

Follow us @
http://twitter.com/laurenlyster
http://twitter.com/coveringdelta
Welcome to CapitalAccount. Bad news for underwater home owners -- foreclosure filings in february point to a rising tide in home seizures ahead, according to those who track it. Why? That 25 billion dollar mortgage settlement between states and the banks may be to thank. We'll tell you why and look at what this means. Banks may be stressed in the wake of the Goldman SachsGreg Smith op-ed, but should more of us be stressed? And I'm not talking about the results of the test, I'm talking about the methodology and the assumptions that go into it. What effect does litigation risk have on the valuation and future capitalization of banks like JP Morgan (in the case of Bear Sterns) and Bank of America (in the case...

published: 15 Mar 2012

The Wall Street Code - (vpro backlight documentary - 2013)

A thriller about a genius algorithm builder who dared to stand up against Wall Street. Haim Bodek, aka The AlgoArms Dealer. After Quants: the Alchemists of Wall Street and Money & Speed: Inside the Black Box. This is the final episode of a trilogy in search of the winners and losers of the tech revolution on Wall Street. Trading on the financial market is not longer dominated by humans, but by super fast computers and algorithms. The result of this digital revolution on Wall Street is a complex and fragmented financial system that is hard to understand and overseen. A system that we are all connected to. The only people who understand the system a bit, are the people who built it.
Haim Bodek started his own high frequency trading in 2007 and built a from his point of view perfect and fas...

published: 04 Nov 2013

Lifestyle Of The Billion Dollar Wall Street Ballers

See how the big players of wall street live!

published: 29 Jan 2014

Henry Kravis: How the Corporate Titan Rocked Wall Street

Nov. 12 (Bloomberg) -- His name is synonymous with 'CorporateTitan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers i...

Passive Investing: The Evidence the Fund Management Industry Would Prefer You Not to See

http://sensibleinvesting.tv -- the independent voice of passive investing
A remarkable 54-minute film featuring some of the world's top economists and academics and demonstrating:
* how the claims of active fund managers to be able to beat the market are largely a myth
* how costs are the biggest drag on performance - and why active costs more
* how passive investing offers the best experience for the vast majority of investors
* the benefits of a diversified portfolio in guaranteeing consistent returns
* why passive investing is better for your health
* why active investing has held sway for so many years....
* ... but why things may be changing
* and why passive is the rational, mathematically proven route to investing success.
Investing for the future... It's an issue none of can affo...

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-...

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

Follow us @
http://twitter.com/laurenlyster
http://twitter.com/coveringdelta
Welcome to CapitalAccount. Bad news for underwater home owners -- foreclosure filings in february point to a rising tide in home seizures ahead, according to those who track it. Why? That 25 billion dollar mortgage settlement between states and the banks may be to thank. We'll tell you why and look at what this means. Banks may be stressed in the wake of the Goldman SachsGreg Smith op-ed, but should more of us be stressed? And I'm not talking about the results of the test, I'm talking about the methodology and the assumptions that go into it. What effect does litigation risk have on the valuation and future capitalization of banks like JP Morgan (in the case of Bear Sterns) and Bank of America (in the case MBIA)? We have risk analyst Christopher Whalen, managing director of Tangent Capital Partners, with us to talk about it. We discuss not only the concerns over litigation, and what effect it could have on the banks balance sheet's, but we also get into the housing market, and the effect that an economic downturn could have on the value of portfolio's heavily exposed to this sector. We also ask Chris Whalen to give us his thoughts on the assumptions used in the Federal Reserve's most recent stress test, and if he thinks there is some alternative motive at play that could be responsible for the soft assumptions used. In addition, we ask Mr. Whalen what he thinks of ZeroInterest RatePolicy (ZIRP) and if this, besides being detrimental to savers, has actually been hurting the banks long term.
Lastly, with wall street shedding jobs and squeezing out less in compensation recently, is there less to lose for bankers already disgruntled with the system? Could whistle blowing actually be a new growth industry on wall street? We think the FBI should start introducing the profit motive back into justice. After all, if there is one thing that we have learned form wall street, it is that they will stop at nothing to earn a profit. Why not let them get in on the action? Give them some of the litigation upside that would come with more whistle blowers. And amidst all this ruckus over Greg Smith's now infamous NYT resignation letter, it appears that not only Lloyd Blankfein, but also Jamie Dimon have gotten into the action themselves, both sending out letters of their own to employees on the matter. We ask, who has the best PR, Lloyd Blankfein or Jamie Dimon?

Follow us @
http://twitter.com/laurenlyster
http://twitter.com/coveringdelta
Welcome to CapitalAccount. Bad news for underwater home owners -- foreclosure filings in february point to a rising tide in home seizures ahead, according to those who track it. Why? That 25 billion dollar mortgage settlement between states and the banks may be to thank. We'll tell you why and look at what this means. Banks may be stressed in the wake of the Goldman SachsGreg Smith op-ed, but should more of us be stressed? And I'm not talking about the results of the test, I'm talking about the methodology and the assumptions that go into it. What effect does litigation risk have on the valuation and future capitalization of banks like JP Morgan (in the case of Bear Sterns) and Bank of America (in the case MBIA)? We have risk analyst Christopher Whalen, managing director of Tangent Capital Partners, with us to talk about it. We discuss not only the concerns over litigation, and what effect it could have on the banks balance sheet's, but we also get into the housing market, and the effect that an economic downturn could have on the value of portfolio's heavily exposed to this sector. We also ask Chris Whalen to give us his thoughts on the assumptions used in the Federal Reserve's most recent stress test, and if he thinks there is some alternative motive at play that could be responsible for the soft assumptions used. In addition, we ask Mr. Whalen what he thinks of ZeroInterest RatePolicy (ZIRP) and if this, besides being detrimental to savers, has actually been hurting the banks long term.
Lastly, with wall street shedding jobs and squeezing out less in compensation recently, is there less to lose for bankers already disgruntled with the system? Could whistle blowing actually be a new growth industry on wall street? We think the FBI should start introducing the profit motive back into justice. After all, if there is one thing that we have learned form wall street, it is that they will stop at nothing to earn a profit. Why not let them get in on the action? Give them some of the litigation upside that would come with more whistle blowers. And amidst all this ruckus over Greg Smith's now infamous NYT resignation letter, it appears that not only Lloyd Blankfein, but also Jamie Dimon have gotten into the action themselves, both sending out letters of their own to employees on the matter. We ask, who has the best PR, Lloyd Blankfein or Jamie Dimon?

Nov. 12 (Bloomberg) -- His name is synonymous with 'CorporateTitan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.

Nov. 12 (Bloomberg) -- His name is synonymous with 'CorporateTitan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.

Passive Investing: The Evidence the Fund Management Industry Would Prefer You Not to See

http://sensibleinvesting.tv -- the independent voice of passive investing
A remarkable 54-minute film featuring some of the world's top economists and academic...

http://sensibleinvesting.tv -- the independent voice of passive investing
A remarkable 54-minute film featuring some of the world's top economists and academics and demonstrating:
* how the claims of active fund managers to be able to beat the market are largely a myth
* how costs are the biggest drag on performance - and why active costs more
* how passive investing offers the best experience for the vast majority of investors
* the benefits of a diversified portfolio in guaranteeing consistent returns
* why passive investing is better for your health
* why active investing has held sway for so many years....
* ... but why things may be changing
* and why passive is the rational, mathematically proven route to investing success.
Investing for the future... It's an issue none of can afford to ignore.
No one's job is safe these days... How would you cope if you lost yours?
We're all living longer too... So are you saving enough to fund 25 years or more of retirement?
Can you really afford to pay for your children or grandchildren to go to university - or help them onto the property ladder?
And what about all those holidays you promised yourself?
We entrust the vast bulk of our investments to fund managers.
Here in the UK, according to Her Majesty's Treasury, the industry has more than four TRILLION pounds of investors' money under management.
Fund managers invest people's savings wherever they see fit - mainly in equities, or shares in listed companies.
They claim to be experts at making our making grow, using their expert knowledge to pick the shares that will outperform the market.
But all too often the returns they produce are considerably lower than the average return of a benchmark index like the FTSE 100 - or the S&P 500 in the States.
For veteran investment guru John Bogle, the problem is simple. Fund managers just aren't as smart as they like to think they are.
As it means trading against the view of numerous market participants with superior information, buying or selling a security is effectively just a bet. So, whilst your fund manager might lead you to believe it's his knowledge or intelligence that enables you to beat the market, he's really no better than a gambler.
So, you might be lucky enough to choose the right fund manager. But you could just as easily pick the wrong one.
According to the financial services company Bestinvest, there are currently nearly £10 billion of UK investors' money languishing in what it calls dog funds - in other words, funds which have underperperformed their benchmark index for at least three consecutive years.
Ultimately, of course, fund managers are businesses. They exist to make money for themselves. They want our business - even if it means persuading us to invest in a fund which they themselves wouldn't want to put their own money in.
It's now time to look at what it actually costs us to invest.
Fund managers are, of course, businesses. And, like all business, they have overheads.
Running a big fund management company doesn't come cheap - esepcially when top managers earn around £2 million a year, including bonuses.
And remember, it's you, the customer, who picks up the tab.
Ultimately, though, fund managers need to make a profit.
In fact they'e making around £10 billion from us every year - and that's regardless of whether or not they manage to produce a profit for us.
Part of the challenge is working out exactly what we are being charged. Investors typically use something called the annual Total Expense Ratio, or TER, to compare the cost of investing in different funds. But, the TER excludes dealing commission, stamp duty and other turnover costs that can add considerably to the expense of investing over time.
So, apart from those hidden charges, what else are we having to pay? More importantly, what sort of impact do charges have on the value of our investments?
And the bad news doesn't stop there. Despite a marked increase in competition, management charges in the UK have been steadily rising over the last ten years.
There are some encouraging signs for consumers. The FSA's Retail Distribution Review will require fund managers to be fairer and more transparent when it comes to charges. In the meantime, investors should be on their guard.
For more videos like this one, visit http://sensibleinvesting.tv

http://sensibleinvesting.tv -- the independent voice of passive investing
A remarkable 54-minute film featuring some of the world's top economists and academics and demonstrating:
* how the claims of active fund managers to be able to beat the market are largely a myth
* how costs are the biggest drag on performance - and why active costs more
* how passive investing offers the best experience for the vast majority of investors
* the benefits of a diversified portfolio in guaranteeing consistent returns
* why passive investing is better for your health
* why active investing has held sway for so many years....
* ... but why things may be changing
* and why passive is the rational, mathematically proven route to investing success.
Investing for the future... It's an issue none of can afford to ignore.
No one's job is safe these days... How would you cope if you lost yours?
We're all living longer too... So are you saving enough to fund 25 years or more of retirement?
Can you really afford to pay for your children or grandchildren to go to university - or help them onto the property ladder?
And what about all those holidays you promised yourself?
We entrust the vast bulk of our investments to fund managers.
Here in the UK, according to Her Majesty's Treasury, the industry has more than four TRILLION pounds of investors' money under management.
Fund managers invest people's savings wherever they see fit - mainly in equities, or shares in listed companies.
They claim to be experts at making our making grow, using their expert knowledge to pick the shares that will outperform the market.
But all too often the returns they produce are considerably lower than the average return of a benchmark index like the FTSE 100 - or the S&P 500 in the States.
For veteran investment guru John Bogle, the problem is simple. Fund managers just aren't as smart as they like to think they are.
As it means trading against the view of numerous market participants with superior information, buying or selling a security is effectively just a bet. So, whilst your fund manager might lead you to believe it's his knowledge or intelligence that enables you to beat the market, he's really no better than a gambler.
So, you might be lucky enough to choose the right fund manager. But you could just as easily pick the wrong one.
According to the financial services company Bestinvest, there are currently nearly £10 billion of UK investors' money languishing in what it calls dog funds - in other words, funds which have underperperformed their benchmark index for at least three consecutive years.
Ultimately, of course, fund managers are businesses. They exist to make money for themselves. They want our business - even if it means persuading us to invest in a fund which they themselves wouldn't want to put their own money in.
It's now time to look at what it actually costs us to invest.
Fund managers are, of course, businesses. And, like all business, they have overheads.
Running a big fund management company doesn't come cheap - esepcially when top managers earn around £2 million a year, including bonuses.
And remember, it's you, the customer, who picks up the tab.
Ultimately, though, fund managers need to make a profit.
In fact they'e making around £10 billion from us every year - and that's regardless of whether or not they manage to produce a profit for us.
Part of the challenge is working out exactly what we are being charged. Investors typically use something called the annual Total Expense Ratio, or TER, to compare the cost of investing in different funds. But, the TER excludes dealing commission, stamp duty and other turnover costs that can add considerably to the expense of investing over time.
So, apart from those hidden charges, what else are we having to pay? More importantly, what sort of impact do charges have on the value of our investments?
And the bad news doesn't stop there. Despite a marked increase in competition, management charges in the UK have been steadily rising over the last ten years.
There are some encouraging signs for consumers. The FSA's Retail Distribution Review will require fund managers to be fairer and more transparent when it comes to charges. In the meantime, investors should be on their guard.
For more videos like this one, visit http://sensibleinvesting.tv

Startups Shake Up Mattress Industry

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
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2:41

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company ...

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
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2:30

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How muc...

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
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The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a "Chinese wall" to prevent communication between investment banking on one side and equity research and trading on the other. Critics say such a barrier does not always exist in practice, however.
Conflicts of interest often arise in relation to investment banks' equity research units, which have long been part of the industry. A common practice is for equity analysts to initiate coverage of a company in order to develop relationships that lead to highly profitable investment banking business. In the1990s, many equity researchers allegedly traded positive stock ratings for investment banking business. Alternatively, companies may threaten to divert investment banking business to competitors unless their stock was rated favorably. Laws were passed to criminalize such acts, and increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble after the dot-com bubble.
Philip Augar, author of The Greed Merchants, said in an interview that, "You cannot simultaneously serve the interest of issuer clients and investing clients. And it's not just underwriting and sales; investment banks run proprietary trading operations that are also making a profit out of these securities."[30]
Many investment banks also own retail brokerages. During the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is always the temptation for them to engage in some form of front running -- the illegal practice whereby a broker executes orders for their own account before filling orders previously submitted by their customers, there benefiting from any changes in prices induced by those orders.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times' Wall StreetBusiness columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues.[32] Reuters Wall Street correspondent Felix Salmon retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO finance industry.[33] The case is ongoing, and the allegations remain unproven.
Investment banking is often criticized for the enormous pay packages awarded to those who work in the industry. According to Bloomberg Wall Street's five biggest firms paid over $3 billion to their executives from 2003 to 2008, "while they presided over the packaging and sale of loans that helped bring down the investment-banking system." [34]
The highly generous pay packages include $172 million for Merrill Lynch & Co.CEOStanley O'Neal from 2003 to 2007, before it was bought by Bank of America in 2008, and $161 million for Bear Stearns Co.'s James Cayne before the bank collapsed and was sold to JPMorgan Chase & Co. in June 2008.[34]
Such pay arrangements have attracted the ire of Democrats and Republicans in Congress, who demanded limits on executive pay in 2008 when the U.S. government was bailing out the industry with a $700 billion financial rescue package.[34]
Writing in the GlobalAssociation of Risk Professionals, Aaron Brown, a vice president at Morgan Stanley, says "By any standard of human fairness, of course, investment bankers make obscene amounts of money."
http://en.wikipedia.org/wiki/Investment_bank

Can Blendle App Save the Print News Industry?

It's the million-dollar question for newspapers in the U.S. and around the world: How to make money in the digital-journalism age? ReporterCarl Nasman spotlights a startup in the Netherlands that's trying one answer.
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5:05

Australia's Pearl Industry Struggles to Shine

Australia is the last place on earth where pearls are cultured in wild oysters. But South ...

Australia's Pearl Industry Struggles to Shine

Australia is the last place on earth where pearls are cultured in wild oysters. But South Sea pearl farmers are struggling to keep their luxury industry alive, as China swamps world markets with cheaply produced freshwater pearls. Photo/Video: Paolo Bosonin
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43:41

Haim Bodek - HFT is an Artificial Industry @ TradeTech 2013 Reg NMS

Get the full transcript here: http://bit.ly/13Isxdi | Haim Bodek speaks to the audience at...

Has Mobile Consumption Changed The News Industry?

Nearly 1 in 10 U.S. Adults now get their news on Twitter, according to a new survey from Pew Research Centers, with 85% of those consuming it on a mobile device. The WSJ explores how news organizations can address this change in consumption.
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New York City (New York) Vacation Travel Video Guide

Vacation travel video about destination New York City in New York.
New York continues to be one of the world’s most famous cities, a true world metropolis and major symbol of the American Dream. Manhattan Island is the city’s most well known district and the Rockefeller Center in Midtown is often referred to as the heart of the New York. Nearby the Roman CatholicSaint Patrick´s Cathedral is the largest and most magnificent church in the United States. The GrandCentral Terminal divides Park Avenue and is a huge station with which the railroad kings, the Venderbilts, left an indelible mark. The huge hall, with its magnificent vaulted ceiling in Beaux Arts style, has been the city’s central railway station for twelve lines since 1913. The confines of Chinatown are inhabited by a hundred and fifty thousand Chinese from China, Taiwan and Hong Kong, most of whom are unable to speak a word of English. Chinese characters wherever one looks and restaurants and Asian stores on every street corner. The famous Wall Street was named after a wall which in the early days protected the growing city against attack by Native American Indians. However, the roots of its subsequent claim to fame were laid in 1792. The young state desperately needed investment and therefore the powers that be decided to issue bonds. Close by, on a small island, is New York’s most famous landmark, the Statue Of Liberty. The head of Lady Liberty leads to the crown from which there are stunning views from several windows. New York City is most certainly unique. A city that’s very much alive and kicking, self-confident and always a surprise!
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Dubrovnik Vacation Travel Guide | Expedia

https://www.expedia.com/Dubrovnik-Southern-Dalmatia.d6050111.Destination-Travel-Guides
The Croatian city of Dubrovnik is one of Europe’s most enduring treasures. Cross the medieval bridge and enter the Old Town through PileGate, then climb the ramparts for a history lesson like no other.
It takes an hour or two to walk the Old Town’s ramparts. At FortBokar, take in the views to Fort Lawrence, then follow the sea wall to St John’s Fort, which once protected the City Harbor from enemy ships. Explore Fort Revelin, which offers even more commanding views of the harbor, then continue on to the highest point in the city’s defenses, Fort Minceta.
Once you’ve arrived back at Pile Gate, descend into the streets of the Old Town. The town is divided in two by the Stradun, a street marked at each end by a bell tower and a fountain. Refresh yourself at Onofrio’s Fountain, then pay your respects at Saviour Church. Next door at the Franciscan Monastery, order an elixir from one of the world’s oldest functioning pharmacies.
At the Stradun’s eastern end, is Luza Square, where you’ll find treasures such Sponza Palace and Saint BlaiseChurch. After refilling your water bottle at the Small Onofrio’s Fountain, explore even more of the city’s sacred places, such as the Dominican Monastery and Dubrovnik Cathedral.
There’s also plenty to explore beyond the Old Town’s walls, such as Banje Beach, and Gruz harbor, where gigantic cruise ships have replaced the little trading vessels of old.

2:11

International Travel Has Changed: What You Need to Know

The biggest travel bargains this summer are abroad, but if you're planning on taking advan...

International Travel Has Changed: What You Need to Know

The biggest travel bargains this summer are abroad, but if you're planning on taking advantage of the strong dollar and discounted air fares, there are some things you need to know. WSJ's Tanya Rivero and Scott McCartney break down the most important travel changes of which you should be aware. Photo: iStock
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Startups Shake Up Mattress Industry

With names like Leesa, Keetsa andCasper, a flurry of startups are trying to shake up the bedding industry, often by offering just one or two mattresses at a stable but premium price. WSJ's Charlie Wells reports. Photo: Lessa.com
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2:41

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company ...

Automating the Grocery Warehouse

Robotics company Symbotic is trying to change the food distribution industry. The company has developed a system to automate warehouse jobs formerly done by humans. Video: Robert Libetti. Photo: Michael Rubenstein for The Wall Street Journal
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2:30

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How muc...

Goldman Sachs Jobs: How Graduates Get Hired

Goldman Sachs only accepts around three percent of job applicants. Who gets hired? How much are they paid? WSJ's Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
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The investment banking industry has come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolic behavior, taking both sides in transactions, and more. About the book: https://www.amazon.com/gp/product/0470222794/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0470222794&linkCode=as2&tag=tra0c7-20&linkId=122da9b4ed66d7e4eb80287e1bee5b2a
Investment banking has also been criticized for its opacity.
Conflicts of interest may arise between different parts of a bank, creating the potential for market manipulation, according to critics. Authorities that regulate investment banking (the FSA in the United Kingdom and t